Core Viewpoint - The A-share market opened higher on February 12, with the Shanghai Composite Index up 0.12%, the Shenzhen Component Index up 0.12%, and the ChiNext Index up 0.30% [1] Group 1: Sector Performance - The power sector opened strong, with notable stocks such as Yunnan Energy Holdings and Jin Kong Power both experiencing significant gains [2][3] - The computing power leasing concept continued its strong performance, with Dawei Technology achieving a four-day consecutive rise and Youke De increasing by over 10% [4][5] Group 2: Market Sentiment and Outlook - Dongguan Securities noted that as the Spring Festival approaches, investor sentiment is becoming more cautious, leading to a potential reduction in trading volume and a phase of consolidation in the A-share market [6] - Caixin Securities indicated that despite a decrease in market activity, there are still structural opportunities available, particularly in sectors with concentrated favorable events [7] - CITIC Securities projected that commodities will remain a preferred investment direction in 2026, driven by factors such as risk aversion and fundamental improvements [8]

1、李强：全面推进人工智能科技创新、产业发展和赋能应用 重要程度：★★★★★ 2月11日，国务院以深化拓展"人工智能+"、全方位赋能千行百业为主题，进行第十八次专题学习。国务院总 理李强在主持学习时强调，要深入学习贯彻习近平总书记关于人工智能发展的重要指示精神和党中央有关决 策部署，全面推进人工智能科技创新、产业发展和赋能应用，培育壮大新质生产力，推动高质量发展。 李强指出，要深刻认识和把握人工智能发展态势，推动人工智能全链条突破、全场景落地，更大释放发展潜 能。要持续夯实技术底座，推进算法创新，加大高质量数据供给，提升大模型性能，前瞻布局新技术新路 径。要大力推进规模化商业化应用，促进人工智能终端和服务消费，建设人工智能应用中试基地，发展壮大 智能体产业，拓展更多高价值应用场景。 2、国办最新印发！完善全国统一电力市场体系，绩优潜力"黑马"曝光 重要程度：★★★★ 2月11日，国务院办公厅印发《关于完善全国统一电力市场体系的实施意见》。《意见》指出，到2030年， 基本建成全国统一电力市场体系，各类型电源和除保障性用户外的电力用户全部直接参与电力市场，市场化 交易电量占全社会用电量的70%左右。到2035年 ...

赶紧预约！2月26号晚8点，《活性污泥法工艺控制》作者-张建丰坐客水圈高手直播间！分享：如何正确使用絮凝剂 当我们扒完2025环保行业的业绩底牌才发现，所谓的"行业寒冬"，不过是一部分人的困境。 过去一年，行业里总会发出这样的声音——有人说项目回款难如登天，有人叹同行内卷卷到亏本，还有人直言"坚守环保赛道，却快被现实逼退"，仿 佛"寒冬"成了行业代名词，"唱衰"成了话题中心。 但真相真的如此吗？ 据Wind数据显示（截至2月6日），A股132家节能环保类上市公司，已有74家公司披露2025年业绩预告。其中，31家公司预告2025年净利润为正，在已披 露公司中占比41.9%；45家公司预计净利润实现同比增长（含18家预计减亏公司），占比60.8%。 也就是说，近一半披露业绩的环保公司，都实现了"赚钱目标"；超过六成的公司，业绩同比正向增长。行业"寒冬"，更像是行业的一次"洗牌"——淘汰落 后产能、挤压泡沫水分，而真正踩中风口、做实内核的公司，反而迎来了爆发期。 我们继续深挖这74家公司的业绩细节，排除那些"靠补贴续命""偶发盈利"的个案，似乎摸到了一些环保公司的"搞钱密码"，就藏在三个关键词里：零碳、 固废以及 ...

近日，国务院办公厅印发了《关于完善全国统一电力市场体系的实施意见》，系统谋划了全国统一电力 市场未来5—10年的目标任务。《实施意见》提出，要完善跨省跨区电力交易制度，通过促进国网、南 网间跨电网常态化市场交易，增加跨省跨区输电规模和清洁能源输送占比。此外，《实施意见》提出将 推动更多民营企业参与电力市场，完善主要由供需关系决定的电价形成机制，各地不得违法违规出台优 惠电价政策。（央视新闻） ...

Group 1 - The core viewpoint of the news is that Nanfang Energy's stock has experienced a decline of 3.64% on February 11, with a cumulative drop of 8.04% over three consecutive days [1] - Nanfang Energy, established on December 29, 2010, and listed on January 19, 2021, is primarily engaged in energy-saving services, providing comprehensive energy-saving solutions including diagnosis, design, renovation, investment, and operation maintenance [1] - The company's main business revenue composition includes: industrial energy-saving business 54.92%, building energy-saving business 26.92%, comprehensive resource utilization business 14.70%, urban lighting energy-saving business 2.95%, energy-saving consulting services 0.38%, energy-saving renovation projects 0.11%, and other businesses 0.03% [1] Group 2 - From the perspective of major circulating shareholders, Huatai Bairui Fund has a fund that ranks among the top shareholders of Nanfang Energy, with the Guangfu ETF (515790) reducing its holdings by 30.98 million shares [2] - The Guangfu ETF (515790) has a current scale of 11.253 billion, with a year-to-date return of 16.79% and a one-year return of 49.88% [2] - The fund managers of Guangfu ETF are Li Qian and Li Mu Yang, with Li Qian having a tenure of 6 years and Li Mu Yang having a tenure of 5 years [2]

Macro Strategy - The core viewpoint indicates that recent liquidity shocks in overseas markets, driven by concerns over the AI software bubble and subsequent momentum selling, have led to significant volatility in equities, commodities, and cryptocurrencies. It suggests that some assets may have been "wrongly killed" due to these liquidity shocks, as the macroeconomic fundamentals and broad liquidity environment have not changed significantly [1][13] - The report anticipates that the upcoming U.S. non-farm employment and CPI data for January may present upward risks, potentially reversing the slight increase in expectations for Federal Reserve rate cuts observed this week [1][13] Financial Products - The report highlights that overseas market liquidity shows signs of stabilization, which may improve market sentiment. It predicts a positive outlook for the A-share market in February, with a historical probability of 78.57% for an increase following a macro timing model score of 0 [1][16] - Fund allocation recommendations suggest a balanced ETF configuration due to expected short-term market fluctuations, with a focus on sectors like chemicals and electric grid equipment, which continue to see increasing fund sizes [1][16] Commodity Market - The report discusses the impact of liquidity shocks on commodity prices, noting that certain commodities, which rely on supply-demand improvements, have been "wrongly hurt" but may return to fundamental pricing logic as market conditions stabilize [2][17] - It emphasizes that the recent volatility in silver and other precious metals indicates a potential end to the liquidity shock, with silver becoming a key indicator of market sentiment [2][17] Environmental Industry - The report stresses the importance of advancing the national carbon market and outlines investment recommendations in clean energy, energy conservation, and recycling sectors. It highlights specific companies such as Longjing Environmental and others involved in renewable energy and waste management [6][10] Non-Banking Financial Sector - The report notes a recovery in the IPO and refinancing market, with significant year-on-year growth in both areas. It indicates that the capital market reforms and increased market activity are expected to benefit brokerage firms' investment banking revenues [9] AI Industry and Bond Financing - The report focuses on the AI industry, highlighting the need for a diversified financing system to support technology companies, particularly private firms with high growth potential. It reviews case studies of leading tech companies' bond financing paths to assess the feasibility of similar strategies in China [4]

Core Viewpoint - The Ministry of Ecology and Environment has issued a notification to enhance the national carbon market construction, indicating a clear expansion of the carbon trading market by 2026 [1][4]. Group 1: Carbon Market Management - Strengthening the management of key emission units in power generation, steel, cement, and aluminum smelting, with a focus on quota compliance by 2025 [2]. - Key emission units with direct emissions reaching 26,000 tons of CO2 equivalent must be included in the 2027 national carbon trading market list, to be published by provincial ecological environment departments by October 31, 2026 [2]. - Data quality management for key emission units will be organized by provincial departments, with a control plan due by December 31, 2026 [2]. Group 2: Reporting and Verification - Other key industries such as petrochemicals, chemicals, construction materials, non-ferrous metals, paper, and civil aviation are required to report their 2025 emissions data, with verification deadlines set for March 31 and December 31, 2026 [3]. - Industries not yet included, like steel and cement, must also report by March 31, 2026, with verification by July 31, 2026 [3]. Group 3: Market Expansion and Future Outlook - The carbon market currently covers approximately 8 billion tons of emissions, accounting for over 60% of national carbon emissions, with plans to expand coverage to major industrial sectors by 2027 [4]. - The Ministry of Ecology and Environment is preparing technical documents for quota distribution and verification for industries like chemicals, petrochemicals, and civil aviation, supporting the market's expansion [4]. - The tightening of long-term quotas is expected to drive carbon prices upward, alongside total control and a combination of free and paid allocations [4]. Group 4: Investment Recommendations - Recommendations include focusing on clean energy companies such as Longjing Environmental Protection and those involved in biofuels and green hydrogen [5]. - Companies engaged in energy-saving technologies and waste resource recovery are also highlighted for investment opportunities [5]. - Carbon monitoring firms like Xuedilong and JuGuang Technology are suggested for attention due to their relevance in the evolving carbon market [5].

Investment Rating - The report maintains an "Overweight" rating for the virtual power plant sector within the power equipment and new energy industry [2] Core Insights - Virtual power plants are advancing towards market-oriented development, leveraging modern information communication and system integration technologies to aggregate distributed energy resources [6][14] - The Chinese government has issued guidelines to accelerate the development of virtual power plants, aiming for a national regulation capacity of over 20 million kilowatts by 2027 and over 50 million kilowatts by 2030 [35][57] - The market for virtual power plants is expected to expand significantly, with various business models emerging as the sector matures [38] Summary by Sections 1. Virtual Power Plants as a New Smart Grid Control Technology - Virtual power plants are defined as organizations that optimize power systems and participate in market transactions by aggregating distributed energy resources [14] - The development of virtual power plants is supported by national policies, which encourage innovation in business models and services [36][38] 2. Market Space and Development of Virtual Power Plants - The virtual power plant industry has a broad market space and is expected to accelerate towards large-scale development [6][35] - By 2027, the operational management mechanism for virtual power plants is expected to be mature and standardized, with a robust market participation mechanism [35][57] 3. Investment Strategies and Key Companies - The report suggests focusing on companies with strong distributed resource capabilities and advantages in power information technology, such as Guodian NARI (国电南瑞), Nanfang Energy (南网能源), and Dongfang Electronics (东方电子) [58][59][61] - Guodian NARI is noted for its comprehensive solutions covering various trading types and user scales, having established virtual power plant operational service platforms for multiple provincial power companies [58] - Nanfang Energy has a strong customer base and is actively participating in market-oriented power trading and auxiliary services through its virtual power plant initiatives [59] - Dongfang Electronics leverages its extensive experience in the energy sector to develop a full industry chain for virtual power plant construction and operation, focusing on advanced technologies [61]

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-02-10 宏观策略 [Table_MacroStrategy] 海外周报 20260208：1 月美国非农和 CPI 前瞻：关注上行风险——海外 宏观与交易复盘 核心观点：本周（2 月 2-8 日）在美股 AI 软件泡沫担忧引发的科技股大 跌、及随后的动量抛售等交易因素造成的流动性冲击下，海外权益、大宗 商品和比特币等资产经历剧烈波动。我们认为，近期资本市场的流动性冲 击更多来自交易层面，而海外宏观基本面和广义流动性环境并未有显著 变化，这意味着部分资产存在被流动性冲击"错杀"的可能。关注下周公 布的 1 月美国非农就业和 CPI 数据，我们预期二者均存在上行风险，令 本周略有升温的美联储降息预期再度面临回调。 宏观量化经济指数周报 20260208：预计 2026 年 1 月贷款温和增长、社 融小幅同比多增 晨会编辑 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 请务必阅读正文之后的免责声明部分 东吴证券研究所 1 / 37 [Table_Tag] 节前经济供需两端基本符合季节性特征 ...

Investment Rating - The report maintains an "Accumulate" rating for the utility sector [1] Core Insights - The Jilin Green Power Direct Connection Project is under public consultation, aiming for a minimum of 30% self-consumed electricity by 2030, increasing to 35% for new projects [4][6] - The State Grid has announced a fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan, a 40% increase from the previous plan, focusing on green energy transition [4][6] - The average electricity purchase price in January 2026 decreased by 8% year-on-year [4][38] - The price of thermal coal at Qinhuangdao port was 695 yuan per ton as of February 6, 2026, a year-on-year decrease of 7.70% [4][46] - The inflow to the Three Gorges Reservoir increased by 65.3% year-on-year, while the outflow decreased by 5.3% [4][54] Industry Data Tracking Electricity Consumption - Total electricity consumption in 2025 was 10.37 trillion kWh, a year-on-year increase of 5.0% [4][13] - The growth rates for different sectors were: primary industry +9.9%, secondary industry +3.7%, tertiary industry +8.2%, and urban-rural residential +6.3% [4][13] Power Generation - Total power generation in 2025 was 9.72 trillion kWh, a year-on-year increase of 2.2% [4][20] - The growth rates for different power sources were: thermal power -1.0%, hydropower +2.8%, nuclear power +7.7%, wind power +9.7%, and solar power +24.4% [4][20] Installed Capacity - New installed capacity in 2025 included: thermal power +94.5 million kW (up 63.8%), hydropower +12.15 million kW (down 11.9%), nuclear power +1.53 million kW, wind power +120.48 million kW (up 50.9%), and solar power +317.51 million kW (up 14.2%) [4][58] Investment Recommendations - For green power, focus on companies like Longyuan Power, Zhongmin Energy, and Three Gorges Energy, with a strong recommendation for Longjing Environmental Protection [4] - For thermal power, consider Huaneng International and Huadian International [4] - For hydropower, Longjiang Power is highlighted due to its low cost and strong cash flow [4] - For nuclear power, China National Nuclear Power and China General Nuclear Power are recommended due to their growth potential [4] - For solar assets and charging pile assets, companies like Southern Power Grid Energy and Longxin Technology are suggested [4]